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J.M. Smucker to buy Hostess for $5.6 billion

11Sep

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J.M. Smucker to buy Hostess for $5.6 billion

J.M. Smucker said it will purchase snack company Hostess for $5.6 billion, as the jelly giant seeks to expand its product offerings with iconic snacks such as Twinkies and Ho Hos, the company said in a statement on Monday. "With this acquisition, we are adding an iconic sweet snacking platform … to drive continued growth," J.M. Smucker CEO Mark Smucker said in the statement.Hostess Brands struggled for years and nearly vanished before it filed for Chapter 11 bankruptcy reorganization in early 2012. Workers blamed the troubles on years of mismanagement and a failure to invest in brands to keep up with changing tastes. The Lenexa, Kansas, company said at the time that it was weighed down by higher pension and medical costs than its comp...

Heineken sells its Russia operations for 1 euro

Ukraine's U.N. ambassador on year of war Ukraine's ambassador to the U.N. on Russia's invasion, sanctions and China's role 04:53 Heineken has sold its business in Russia for one euro more than a year after it vowed to pull out of the country in response to Russia's invasion of Ukraine. The Dutch brewer is taking a €300 million loss, or roughly $325 million, by selling its business to Russian manufacturer Arnest Group, making Heineken on...

Chick-fil-A testing drive-thru restaurant where orders arrive in a chute

Chick-Fil-A will test two new restaurant concepts prioritizing digital-focused, to-go orders in a bid to offer customers a speedier ordering experience. The fast-food chain will open a walk-up restaurant in New York City and a drive-thru restaurant in the Atlanta metropolitan area with features aimed at "cutting down wait-time[s]," Chick-fil-A Executive Director Khalilah Cooper said in a statement on Thursday. Digital orders have eclipsed traditional in-store orders in some of the company's markets, where they make up more than half of all orders. Both restaurants will open in 2024.The Atlanta store will feature four drive-thru lanes, two of which will be dedicated to mobile order pick-ups. The lanes will run under the second story of the restaurant. But the drive-thru i...